A decision framework to repair or eliminate failures in engineering systems according to their Net present value

Abstract

[ES] Esta tesis considera el impacto de los fallos en términos del efecto que estos tienen en el valor del sistema. Se desarrolla un modelo analítico que cuantifica el valor neto actual del sistema bajo unas condiciones específicas y se define el Valor de re-diseño.

[EN] This thesis considers the impact of failures in terms of the effect they have in the value of the system. We begin with a qualitative discussion on the value of failure acceptance or reduction. Next, we present a decision framework based on net present value. Then, we develop an analytical model of net present value given a stochastic failure process, quantify the net present value obtained of the system under certain decisions and define the Value of Redesign. To end, we give some guidance to interpret the results and prove the dynamism of the optimal decision process with time, and system and market costs. Moreover, we conclude that although redesigning the system may or may not be the best solution, it always removes uncertainty.